The Independent Corrupt Practices and Other Related Offences Commission (ICPC) has issued a public clarification, stating that it has not established any discrepancies or diversion of funds in its ongoing investigation into the Student Loan Scheme administered by NELFUND.
The clarification, published on the Commission’s website, follows an earlier press release announcing a comprehensive probe into alleged irregularities in the disbursement of student loans.
The ICPC admitted it had omitted the word “NOT” in a crucial part of its earlier statement, thereby unintentionally creating the impression that fraud had already been discovered.
“Inadvertently, the word ‘NOT’ was missing in the penultimate paragraph of our earlier press release regarding the ongoing investigation into the Student Loan Scheme. This omission gave an erroneous impression that the alleged discrepancies or diversion had been confirmed.
We acknowledge that this is not the case. Indeed, we accept that the affected part of the sentence contradicted the paragraph as a whole.
The paragraph should have read: ‘The ICPC confirmed that a clear case of discrepancies has NOT been established in the administration of the student loan scheme and announced that its investigation will now extend to beneficiary institutions and individual student recipients,’” the statement clarified.
No Evidence of Diversion
The ICPC emphasised that, at this stage of the investigation, no evidence of diversion or discrepancies has been found. The only verified fact thus far is the total amount of funds received and disbursed by NELFUND.
“The impression of diversion and the issue of discrepancies do not arise at this stage; the investigation must proceed to the recipient institutions and individuals before any firm conclusions can be drawn,” the Commission noted.
It reiterated its commitment to due process and stressed that it does not indict individuals or organisations prematurely.
“We wish to reaffirm that the Commission does not engage in media trials nor usurp the judiciary’s role in indicting persons or organisations,” the statement read.
Background
The ICPC had earlier launched its investigation following media reports alleging that 51 tertiary institutions were involved in illegal deductions from students’ loan disbursements.
Although the Federal Government reportedly released ₦100 billion for the programme, the Commission stated that only ₦28.8 billion has so far been disbursed to students, leaving ₦71.2 billion yet to be accounted for. As part of the inquiry, the ICPC has summoned NELFUND CEO Akintunde Sawyerr, officials from the Central Bank of Nigeria, and others for questioning.
However, NELFUND has denied any wrongdoing, explaining that figures circulating in the public domain relate to earlier education finance interventions predating its 2024 launch and are unrelated to the current loan scheme.
The agency further clarified that tuition fees are paid directly to verified institutions, while student allowances are transferred to verified bank accounts. It noted that all processes are automated, timestamped, and digitally tracked to eliminate human interference.
The Federal Ministry of Education has also initiated its own investigation into the allegations. A high-level meeting with Vice Chancellors of affected universities and the NELFUND Managing Director is scheduled for 6 May 2025, aimed at reinforcing transparency and accountability.
To boost oversight, the Ministry plans to launch a compliance-tracking initiative in partnership with the Athena Centre, along with a public countdown webpage and an Annual University Transparency Index. University bursars and ICT Heads will also receive training on managing open-portal systems for real-time monitoring of loan transactions.
Public Urged to Stay Calm
The Commission has appealed for public calm and urged anyone with relevant information to come forward and support the ongoing investigation.
“We appeal for patience from the public, as comprehensive investigations require both time and resources. Individuals with useful information are encouraged to contact the Commission at info@icpc.gov.ng,” it stated.
The ICPC confirmed that the corrected version of its earlier release has now been updated on its website.